Enforcement

Enforcement

CLSA, CITIC Securities Censured for Breaching Share Buyback Rules

By Editors | 02/01/2020

CLSA and CITIC Securities carried out pre-arranged trades on the SEHK to allow Beijing Enterprises Holdings to buyback its shares without regulatory or shareholder approval.

Enforcement

Indian Police Lay Charges Against Five in PMC Bank Fraud Case

By Editors | 01/01/2020

The 32,000-page charge sheet lays out charges against three executives from PMC Bank and two promoters of HDIL, which received about 67bn rupees in ‘hidden’ loans.

Securities / Derivatives

SGX RegCo to Overhaul Enforcement Approach – Reports

By Editors | 31/12/2019

SGX RegCo chief Tan Boon Gin wants stronger protections against misconduct, faster enforcement outcomes and greater clarity to be provided to the market.

Enforcement

SFC Fines Fidelity Unit for Unlicensed Futures Dealing

By Editors | 31/12/2019

FIL Investment Management executed over 6,700 futures trades for overseas affiliates without a Type 2 licence, and delayed reporting the breach to the SFC.

Enforcement

SEBI Fines Credit Rating Agencies Over IL&FS Failures

By Editors | 30/12/2019

Three rating agencies were fined for failing to recognise and quickly respond to deteriorating financial conditions at IL&FS, whose defaults last September triggered a liquidity crisis.

Enforcement

Former Hengfeng Bank Chairman Receives Death Sentence

By Editors | 29/12/2019

A two-year reprieve means the sentence will likely be commuted to life imprisonment for the 70-year old former chairman, after he was convicted for bribery, corruption and embezzlement.

AML / KYC

FINRA Fines Five Firms Over Custodial Accounts for Minors

By Editors | 29/12/2019

Citigroup, JP Morgan, LPL Financial, Morgan Stanley and Merrill Lynch failed to properly monitor custodial accounts to ensure assets were transferred to beneficiaries once they came of age.

Enforcement

FSA Orders Insurance Sales Halt at Japan Post Amid Misconduct Findings

By Editors | 28/12/2019

Two Japan Post Holdings subsidiaries are required to suspend insurance product sales for three months and submit business improvement plans by end-January.

Enforcement

Australia to Formalise ASIC-APRA Regulatory Cooperation

By Editors | 28/12/2019

The legislation will oblige ASIC and APRA to cooperate, share information with each other, and notify each other if they have a reasonable belief that there has been a breach of the other’s legislation.